Nvidia Stock to Come Back Strong in New Year 2023

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FILE PHOTO: The logo of technology company Nvidia is seen at its headquarters in Santa Clara

We expect to see big things from Nvidia (NASDAQ: NVDA) in the New Year.

For one, the company should continue to benefit from its massive push into virtual reality, the metaverse, and the company’s Omniverse.  Two, billionaires like John Overdeck and David Siegel recently bought over 1.2 million shares of NVDA.

Three, the company is benefiting from the news that Meta Platforms would invest more in metaverse infrastructure.  Better, with regards to its Omniverse, NVDA is already working with Lowe’s, BMW, Siemens, and Lockheed Martin to name a few.

While NVDA had a rough outing in 2022, don’t write it off just yet.  Remember, it’s still a leader when it comes to the cloud, artificial intelligence and machine learning, gaming, autonomous driving, supercomputing, robotics, drones, and more.

Better, Baron Funds recently noted: “NVIDIA is powering the growth of AI from the data center to the edge. Shares detracted due to inventory right sizing in NVIDIA’s gaming segment coupled with the broader market sell-off in growth stocks. Given NVIDIA’s end-to-end AI platform and its leading market share in gaming, data centers, and autonomous machines, along with the size of these markets, we believe the company can sustain its growth trajectory.”

Helping, analysts at KeyBanc have an overweight rating on the stock, with a price target of $230. The firm believes the semiconductor sector has priced in the correction already.